Anglo Platinum is set to invest R1.4 billion in a project to provide home ownership for its employees in South Africa, Mining Weekly confirms today (13th November).

The world's largest platinum producer is looking to deliver 40 m2-units - incorporating two bedrooms, a kitchen and a living room - in the North West and Limpopo provinces in the coming five to ten years.

The deal was enshrined today after CEO Neville Nicolau signed a memorandum of understanding for the construction of the properties with the Department of Housing (DoH).

DoH Deputy Director-General Kaba Kabagambe, who described the announcement as a "practical manifestation" of public-private partnerships, told the news provider: "This is a foundation for a better future and demonstrates that if associates pull together, we can achieve more."

Under the terms of the deal, Anglo will provide funding for the land, ensure that the process of giving its workers "quality housing" is fast-tracked and work with the developers to keep it affordable.

In return, the DoH will offer the provision of around R900 million worth of subsidies and social and economic amenities - such as clinics, schools and sanitation services - to the tune of R2.5 billion.

Mr Nicolau added that Anglo wants to provide "reasonable options" to its employees, some of whom have been sharing hostel rooms with up to nine colleagues in recent times.

That figure has now been reduced to one or two workers sharing a room, and the company's Senior Housing Manager Papillon Motswenyane told Mining Weekly that it is aiming for one person per room in the next two to five years.



Source:

Angloplat injects R1,4bn into SA housing project (13/11/08)
http://www.miningweekly.com/article.php?a_id=147475